Gaming And Leisure Closes $440 Mln Acquisition Of Meadows Racetrack And Casino

(RTTNews) - Gaming and Leisure Properties, Inc. (GLPI) announced Monday the closing of its previously-announced transaction to acquire Pennsylvania -based Meadows Racetrack and Casino from Cannery Casino Resorts, LLC for $440 million.

The deal price includes $10 million previously paid, plus other transaction related fees and expenses.

The company concurrently closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment, Inc. (PNK) for $138 million and entered into a 29 year triple net lease agreement, with initial annual rent of $25.4 million.

Gaming and Leisure funded the transaction, net of proceeds received from the sale of the operating assets to Pinnacle, through a combination of cash on hand, proceeds from the Company's at-the-market equity program and borrowings from the Company's revolving credit facility.

The transaction, which is expected to be immediately accretive, was approved by the Pennsylvania Gaming Control Board on September 7, 2016 and the Pennsylvania Harness Racing Commission in August 2016.